NASHVILLE, TN – The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of Novel Bellevue in Nashville, TN. Kelsey Durels, Associate of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Constructed in 2018, Novel Bellevue consists of one-, two-, and three-bedroom homes ranging from 611 SF to 1,478 SF, with an average unit size of 1,020 SF.  Unit interiors feature granite countertops, stainless steel appliances, gray or white cabinetry, subway tile backsplash, hardwood-style flooring throughout living and wet areas, full size washer/dryers, and 9′ ceilings. Community amenities include a clubhouse, resort-style pool, 2-tale fitness center with spin bike studio, outdoor kitchen with pizza oven and grills, fire pit, and dog park.

“We believe Novel Bellevue’s profile is consistent with our investment strategy of targeting quality multifamily assets in growth markets with connectivity to major employment and lifestyle drivers,” said Ms. Durels. “Nashville has ranked among the strongest markets for job and population growth over the last five years, and is projected to continue to show strong growth during our projected hold.”

The Property sits within the recently opened One Bellevue Place Lifestyle Center which offers residents 1M SF of walkable retail, dining, and entertainment venues. One Bellevue Place will also house the future site for the Nashville Predators Sports Center, a new skating facility that will include two indoor ice rinks.  Novel’s dynamic location within the Bellevue submarket at the intersection of Highway 70 and Interstate 40 provides access to three of Nashville’s largest business districts. West End (155k+ jobs), Downtown Nashville (97k+ jobs), and Brentwood (56k+ jobs) are all within a 20-minute drive of the Property. 

The Nashville MSA is a market with a diversified economy that is consistently drawing top employers and corporate relocations. According to the Census Bureau, the Nashville MSA grew by 106 people per day in 2017, 10th highest among 53 metro areas with a population of 1 million or more. This growth is fueled in part by recent corporate relocations and expansions, including AllianceBernstein (1,050 jobs), Community Health Systems (2,000 jobs), and Hankook (1,100 jobs). Amazon also recently selected Nashville for a new Center of Excellence for its Operations business, which is responsible for the company’s customer fulfillment, transportation, supply chain, and other similar activities. The center will make more than 5,000 jobs.

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AUSTIN, TX – Cardone Capital announced the acquisition of 10X Living at Grandview, a premier garden-style residential rental community of 458 units built in 2004 in Austin, Texas. The deal closed on December 27th, making it the fourth sizable acquisition for Cardone Capital in 2018. 

Cardone Capital, with over 4,500 units currently under management, has spent over 25 years focusing on investing in income-producing, affordable living in secondary and tertiary markets and is changing the way people invest in multifamily real estate by offering real asset ownership, no broker fees, monthly distribution of funds as well as accredited and non-accredited fund offerings. 

Grant Cardone, CEO of Cardone Capital commented, “Sitting on the summit of one of the highest mountains in all of Austin and the surrounding metropolitan areas, the location of 10X Living at Grandview is irreplaceable, offering outstanding views. Residents delight in incredible convenience to major employers, upscale retail, and recreational venues at nearby Lake Austin and Bull Creek Park.” 

Assess to the community is from a scenic private roadway. The neighborhoods surrounding Grandview currently have single family home values of nearly $900,000 and homes with views comparable to Grandview exceed $1 million. In addition, the one mile radius surrounding Grandview has an average household income exceeding $195,000.

“10X Living at Grandview is exactly what we look for at Cardone Capital—a fantastic location with affordable rents. We expect this acquisition will be extremely rewarding for our investors.” —Ryan Tseko, Portfolio Manager at Cardone Capital.

Non-accredited investors now have the opportunity to invest with Cardone Capital. Sheri Hamilton, Chief Operations Officer of Cardone Capital, noted, “This opportunity gives the less experienced, less capitalized investor access to the kind of deals usually reserved for huge players on Wall Street.”

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IRVINE, CA – Signaling a new direction in senior living, South Bay Partners, Inc., through its joint venture with LAMB Properties, LLC, has bought 3.02 acres directly across from The District at Tustin Legacy in Irvine to develop an upscale eight-tale Class A rental senior living midrise.  Construction will start this summer on the highly amenitized urban community comprised of 230 independent living units, 110 helped living units and 30 memory care units with secure underground parking.

Located across Barranca Parkway from The District, this will be the area’s first senior living community with simple, walkable access to dining, shopping and entertainment. In addition, the new community will feature best-in-class onsite amenities including:  indoor therapy pool and spa, wellness gym, yoga studio, bar/lounge areas, two theaters, art studio and courtyards with barbeque grills, fire pits and seating areas. Residents will also delight in top-quality cuisine prepared by local chefs and served in a choice of dining venues at the community.

“There is tremendous demand for urban-style rental senior housing in locations where active seniors live,” said Patrick McGonigle, President for South Bay Partners, Inc. “This new community will be a fantastic fit for this dynamic area, providing an brilliant opportunity for seniors from Irvine and the surrounding area.” 

Projected for completion in early 2021, the Orange County community will start pre-leasing in 2020. The community will be managed by West Bay Senior Living, a Los Angeles-based company providing management and operational services to senior living communities in Southern California.

“This new community directly aligns with the desires of today’s seniors who want to stay connected to their surroundings, while also having the assurance of a full range of senior services right where they live,” says Jim Biggs, West Bay Chief Executive Officer. “We’re excited to bring it all together here in Irvine.”

West Bay and South Bay Partners are plotting several similar projects in the LA basin, including a community that will break ground soon in Warner Center. All of these communities will reflect Southern California values and lifestyles, clarified Biggs.

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